A statement said the Co-Founder and Chief Executive Officer, Comercio Partners Asset Management Limited, Tosin Osunkoya, gave this advice while reviewing the GDP report for the fourth quarter of 2022, which was released recently by the National Bureau of Statistics.
He said, “With the oil sector’s enormous influence on the Nigerian economy, its ongoing decline which was marked by a negative growth rate of -14.93 per cent in Q4 2022 is a major cause for concern. “Investors should focus their attention on specific industries that are strategically positioned to profit from the current macroeconomic condition. One such industry is finance, particularly banks, which stands to benefit most from the top banks’ rate increment.”He added, “To put things in perspective, banks must only pay eligible depositors 30 per cent of MPR on their savings accounts, but the full increase in MPR would be factored into the price of their variable rate assets.
Among other things, the NBS report showed that while the economy recorded GDP growth of 3.52 per cent, Year-on-Year in Q4, 2022 up from 2.25 per cent in Q3, 2022, it however recorded a lower annual GDP growth of 3.1 per cent, YoY for full year 2022, FY 2022, down from 3.4 per cent in FY 2021.